The National Bureau of Economic Research is a consortium of economic scholars from major research universities throughout the United States and abroad. We established an NRSA institutional training program on the economics of aging in 1989 as an integral component of our larger research and training activities on aging. Since its inception, the T32 program has supported about 140 trainees, the large majority of whom have developed a long-term research agenda on the economics of aging. Many of our former trainees have become prominent economic scholars, and many are engaged currently as investigators on NIA-funded grants. Together, they have elevated the economics of aging and health as an established and popular subfield of economics research. This application proposes a five year continuation of this program. Funds are requested to support eight pre-doctoral fellows and three post-doctoral fellows per year. Each will develop an intensive research agenda on one or more issues related to aging and health. Fellows will also become active participants in the NBER's larger program on the economics of aging, which involves roughly a hundred university-based scholars working on collaborative projects covering a wide range of issues in aging, health, and the wellbeing of the elderly. Indeed a major asset of the program is the research environment at the NBER, where there are extensive opportunities for interaction and collaboration among investigators at all levels of seniority. The continuation of the program will provide a strong background in aging-related research to a new generation of emerging scholars in economics, most of whom will use their fellowship research as the foundation of a long-term research agenda on issues in aging and health.